Asia Stocks Mixed over Concerns of U.S-China Tensions and the Rise in Coronavirus Cases

Stocks in Asia were mixed on Monday due to concerns over the U.S. and China tensions that have been escalating in recent weeks.

 

As of 9:22 local time in Thailand (GMT+7), SSEC slipped 0.18%, HSI fell 0.75%, while ASX 200 rose 1.05% and Kospi gained 0.67% and Nikkei closed on a holiday.

Last Friday, SET Index closed at 1,324.40 points, decreased 8.82 points or 0.66% with a trading value of 44.3 billion baht.

 

Concerns over the escalated tensions between the U.S. and China have been weighing on investors’ sentiment for months after the back-and-forth orders to close consulates, and the most recent one was the order from the U.S. President Donald Trump’s administration to ban Chinese applications; TikTok and WeChat.

Following the ban on the Chinese applications, the Trump administration also stated that it will impose a new round of sanctions on 11 individuals, including Hong Kong leader Carrie Lam for her role in implementing Beijing’s policies of suppression of freedom and democratic processes.

 

Meanwhile, the coronavirus still ravaged the U.S. as confirmed cases surpassed 5 million on Sunday along with 162,108 deaths.

People showed signs of concerns after a report of Trump to sign executive orders aimed at extending coronavirus relief. The government was expected to deliver a second set of stimulus checks worth $1,200, but experts said that the amount would not cover one month’s rent for Americans in many parts of the country.